Financial options are important during these uncertain times.
That's why more seniors are turning to a reverse mortgage - some to sustain their lifestyle, others to modify it.
Life in Hawaii - as everywhere else - is constantly changing. Our living conditions will change, too, and that's where a reverse mortgage may come in handy.
"Mom and dad live let's say in Manoa, purchased their home about forty years ago but it's challenging because there's stairs or to get around the home with a walker or a wheelchair," said Shari Motooka-Higa of Central Pacific Homeloans.
That's where home modifications come into place - widening a doorway to allow a wheelchair to go through, putting grab bars in the bathroom - modifications that will cost money that can be found in the reverse mortgage.
Motooka-Higa says, "Because it allows the family to help their mom and dad remain in their home that they love and continue to even receive care at home where you bring in home care services."
Those home services might include a day nurse or even someone to do chores around the house. Experts tell us, seniors would rather stay in their own homes as long as possible. "You know a nursing home may be a last resort. They want to stay at home as long as possible which we call "age in place." And a reverse mortgage really provides a solution for families to do that."
At some point, many seniors will have to move to an assisted living facility. But spaces are scarce and they may want to put their names on a waiting list. "So that they can insure that their spot is reserved and thereafter the realtor can come and list the property. When the property is sold, the reverse mortgage gets paid off and then the difference in equity will go to their clients who have made that transition."
